Irish SMEs remain resilient during a state of flux
The SME Confidence Tracker survey provides insights into the challenges and opportunities faced by Ireland's small and medium-sized enterprises (SMEs).
Despite economic uncertainty, including rising costs, supply chain disruptions, and political changes, Irish businesses remain surprisingly optimistic. The survey interviewed over 220 business owners and decision-makers across the country, offering valuable information for businesses, policymakers, and investors.
As the country enters a new political era, SMEs are calling on policymakers to simplify financing and improve access to external finance. This is especially crucial in light of the challenges posed by bad debt. By doing so, policymakers can help SMEs grow and contribute to the economy.
Research findings
- Government Support: 90% of SMEs believe that government support programs require a full review
- Sales Outlook: 67% of SMEs expect sales to grow in the next six months despite the risings costs of doing business
- External Finance: 54% of SMEs think that the external finance landscape is complex and disjointed
- M&A Activity surge: 46% of SMEs plan to pursue merger and acquisition opportunities
- Invoice Payments: 68% of SMEs report longer payment delays from customers compared to 2023
- Bad Debt Impact: 61% of businesses with bad debt have been rejected for external finance
“Despite a complex year, from an economic and political view, it’s very heartening to see that Irish business leaders are positive about the future, with more than two-thirds expecting sales to grow. However, costs remain a key challenge for businesses, with the survey revealing some concerning statistics, stating one in three SMEs are barely breaking even.Mark O’Rourke, Managing Director of Bibby Financial Services Ireland
Without adequate government support, many small businesses could be forced to close, which would have a negative impact on the economy. Grants, subsidies, tax breaks, and skills development programs are essential to help SMEs thrive and protect their critical role in the economy.”
What is the SME Confidence Tracker research?
Launched in 2017, the SME Confidence Tracker is a regular study of SME business owners and decision makers across the manufacturing, construction, wholesale, transport and services sectors.
Based on a poll of over 220 Irish SMEs, the study tracks views of business owners on a range of subjects including current business confidence and performance, Government policy and investment plans.
Research was conducted by independent specialists, Critical Research and fieldwork took place between between 30 July and 13 August 2024.
How Bibby is supporting business ambitions
Bibby Financial Services Ireland is a leading relationship-focused funding provider of invoice finance solutions for Irish SMEs. In over 18 years of experience, we continue to provide a wide range of flexible, specialist working capital solutions that help Irish businesses grow in domestic and international markets by giving them access to cash tied up in invoices through invoice financing.
As an approved Strategic Banking Corporation of Ireland (SBCI) partner, we provide favourable rates and dedicated support to all SMEs. In addition, we have joined forces with PTSB to offer businesses the best possible range of solutions to improve cash flow and fund business ambitions.
We offer tailored and accessible funding options, such as invoice financing, for a range of scenarios including new equipment purchase, growth and expansion, management buy-ins and buy-outs, refinancing, corporate restructuring and mergers and acquisitions. Find out more below:
